River Bridge Tower 27-05 41st Ave 41 Unit Apartment Building $30,000,000 ($731,707/Unit) 5.22% Cap Rate Long Island City, NY 11101

East Coast New York Inc. is proud to present a prime investment opportunity at 27-05 41st Avenue, Long Island City, NY 11101. This ±41,342 SF, six-story mixed-use building sits on a ±10,020 SF corner lot at the intersection of 41st Avenue and 27th Street, commanding a highly visible position in the heart of one of New York City's fastest-growing neighborhoods.
The property features 36 free-market residential units spanning ±23,885 SF, complemented by 5 street-level storefronts totaling ±7,226 SF and a 22-space underground parking garage, delivering a diversified and stabilized income stream. The commercial units are secured by leases extending as far as 2030, with built-in 3% annual rent increases, while the residential component provides consistent, high-demand rental income throughout the building.
The location benefits from exceptional transit connectivity, with immediate access to the 7, N, W, E, M, and R subway lines and a 10-minute commute to Midtown Manhattan, positioning the asset between the vibrant dining and nightlife corridors of Astoria and Long Island City. Built in 2015 and benefiting from significant long-term tax incentives, a 15-year 421-A abatement on the residential and parking components and a 25-year ICAP abatement on the retail portion, this asset represents a rare opportunity for investors seeking a modern, well-maintained mixed-use property with strong in-place income, built-in tax savings, and long-term upside potential.